GreenBase, a Hiranandani Group Subsidiary, Signs MoU With Government of Tamil Nadu to Set up Industrial and Logistics Park in Oragadam, Chennai
Thursday, October 15, 2020 1:31PM IST (8:01AM GMT)
Chennai, Tamil Nadu, Mumbai, Maharashtra, India:
GreenBase has a joint venture with Global private equity firm Blackstone Group Inc. and is a PAN India platform to build industrial, logistics and warehousing assets. It has recently inked a MoU with the Government of Tamil Nadu at State Secretariat Office, Chennai. GreenBase’s Chief Operating Officer (COO) Mr. Hemant Prabhu Keluskar and S Raghuraman (Business Head -South), were present at the occasion.
Dr. Niranjan Hiranandani, Founder & Managing Director, Hiranandani Group said: “The MoU with state government will see GreenBase invest INR 750 crores to develop an Industrial and Logistics Park at Vadakkuppattu, Oragadam yielding to multiple direct & indirect job opportunities for the workforce. Describing this sector as ‘the backbone of trade across geographies’, drafting of due National Logistics Policy will boost trade growth, generate employment, and improve global competitiveness." He further added that, “We believe in the vision of perpetual growth that augments the value proposition for our esteemed customers and helps them to reap the accrued fiscal benefits under this policy framework.”
The Industrial & Logistics Park at Oragadam - Chennai envisages development of 2.8 million sq. ft. of built up area for companies desirous of setting up manufacturing and logistics units. This will open up the job prospects for various segments that shall help in the overall socio-economic growth in the region. To crystalize these plans, the TN government will extend support in the form of necessary infrastructural support, regulatory permissions and registrations subject to the applicable laws. It will encourage Single window clearance to expedite the approval process in a seamless and transparent manner which in turn culminates into the reduced time frame for companies to be market ready and Go Live hassle-free. An additional power station has been commissioned within the GreenBase Industrial park that will substantially reduce utility costs for last mile connectivity which will be passed on to the companies setting up units in the park. Also, an uninterrupted power supply will go a long way in reducing dependencies, capex and operational expenses.
GreenBase COO Mr. Hemant Prabhu Keluskar opined that, “The industrial park is well located amidst the sprawling mixed-use integrated township ‘Hiranandani Parks’ in Oragadam offering a cutting edge advantage with a fully developed integrated socio-civic ecosystem and modern infrastructure." He said that, “Our goals are aligned with the vision of the Government of Tamil Nadu, to foster investment and employment towards garnering better economic growth in the region.” He further mentioned that, “Additionally, subject to eligibility, standard incentives as per the Tamil Nadu Industrial Policy, 2014; will be made available to companies who set up manufacturing units at GreenBase Industrial & Logistics Park. These fiscal benefits include capital subsidy, stamp duty refund, training subsidy, electricity tax exemption and other applicable incentives under the policy. These value propositions are on offer at the GreenBase Industrial & Logistics Park as a result of the affiliation with the state government, making it a ‘win-win’ scenario for companies setting up their units within the Park.”
As India aims to be a $5 trillion economy by 2025, the logistic sector has an important role to play in connecting producers with consumers. With the future of the Logistics sector looking promising and with India aiming to be a global manufacturing hub, industrial and warehousing is a sector which is dynamic and constantly evolving. GreenBase Industrial & Logistics Park will not just help manufacturing units build last mile connectivity; it will also give a huge boost to the logistics sector.
GreenBase with 700 acres of seed land bank across Chennai, Pune, Nashik, Mumbai, and Durgapur, the venture has made rapid strides in a short span of time and is on course to deliver close to 12 million sq.ft in the next 3-5 years. Expansion plans are in place to enter into other tier 1 and tier 2 markets.